Aggrieved depositors of Mumbai based Maratha Sahakari Bank have written to Indian Cooperative seeking support for the beleaguered UCB. We reproduce the same for all stakeholders’ consideration.
Earlier, HT reported that the Mumbai-based Maratha Sahakari Bank Limited (MSBL) is likely to be merged with the Cosmos Bank, Pune. Anand Katke district deputy registrar of the cooperative Commissionerate in Pune confirmed that the proposal for the merger is with the Reserve Bank of India, and at a recent meeting the high powered committee (HPC) of the RBI raised some queries which Cosmos Bank needs to clarify before the merger is finalized.
Excerpts:
Dear Sir,
We depositors of Mumbai based Maratha Sahakari Bank want to inform you that Maratha Sahakari Bank is under 35A RBI restrictions since September 2016.
There are about 65,000/- depositors and the majority of them are senior citizen depositors whose hard earned money is stuck in the bank.
Depositors have received Rs. 5 Lakh from DICGC. Total 134 crore has been paid by DICGC. But about 90 Crore amounts is still with the bank. This indicates a deposit coverage ratio of approx 55% which is very low. As the deposit of above Rs. 5 Lakh was not safe depositors have given 20% share capital towards merger with Cosmos Bank.
As a last resort Cosmos Bank, Pune had sent a Merger Proposal to RBI in November 2021 to take over Maratha Sahakari Bank. But now 1 year has passed but RBI has not approved the Merger proposal of Cosmos Bank. Why is the RBI not approving the Merger proposal?
We the Maratha Sahakari Bank depositors want to know what is the present status of the RBI approval for the merger proposal.
We urge you to kindly discuss the matter with Cosmos Bank chairman Shri Milind Kale Sir and deputy registrar of Co operatives Shri Anand Katake.